HomeMy WebLinkAbout17774 ORD - 08/10/1983AN ORDINANCE
CALLING FOR THE REDEMPTION OF $470,000 CITY OF CORPUS
CHRISTI, TEXAS CERTIFICATES OF OBLIGATION, SERIES 1981;
AND DECLARING AN EMERGENCY.
WHEREAS, the City of Corpus Christi, Texas issued $470,000 in City
of Corpus Christi, Texas Certificates of Obligation, Series 1981, dated
November 1, 1981; and
WHEREAS, the City desires to call for the redemption of said bonds
in order to save interest expenses over the life of said bonds;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the City of Corpus Christi, Texas call for
redemption on October 1, 1983, all of the outstanding $470,000 City of Corpus
Christi, Texas Certificates of Obligation, Series 1981, dated November 1,
1981, that are scheduled to mature on October 1, 1986, October 1, 1987,
October 1, 1988, October 1, 1989, and October 1, 1990, being Certificate
Numbers 1 through 9, at a redemption price of $100.25% of the principal
amount thereof and accrued interest to the date of redemption above
specified, that said Certificates be redeemed at Corpus Christi National
Bank, Corpus Christi, Texas, and that from and after October 1, 1983,
interest shall cease to accrue and be payable on said Certificates.
SECTION 2. That the City Secretary be directed to publish notice
of such redemption one time in a financial publication printed in the City of
New York, New York.
SECTION 3. That upon written request of the Mayor or five Council
members, copy attached, to find and declare an emergency due to the immediate
need for the efficient and effective administration of City affairs by the
early redemption of the abovementioned bonds, such finding of an emergency is
made and declared requiring suspension of the Charter rule as to
consideration and voting upon ordinances or resolutions at three regular
SEP 2 81984
MICROFILMED
meetings so that this ordinance is passed and shall take effect upon first
reading as an emergency measure this the day of Augsut, 1983.
ATTEST:
APPROVED: /O11^ DAY OF AUGUST, 1983
J. BRUCE AYCOCK, CITY ATTORNEY
1 774
E CIT OF CORPUS CHRISTI, TEXAS
Corpu Christi, Texas
`di day of
, 1983
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance
or resolution, an emergency exists requiring suspension of the Charter rule
as to consideration and voting upon ordinances or resolutions at three
regular meetings; I/we, therefore, request that you suspend said Charter rule
and pass this ordinance or resolution finally on the date it is introduced,
or at the present meeting of the City Council.
Respectfully, Respectfully,
Council Members
CORPUS MAYOR
S CHRISTI, TEXAS
The above ordinance was passe
Luther Jones
Betty N. Turner
Jack K. Dumphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
THE CI OF
by the following vote:
17'74